Canada GDP contracted -7.2% in Mar, prelim data points to -11% decline in Apr

Canada GDP tumbled a massive -7.2% mom in March, but was better than expectation of -9.0% mom. Overall, 19 of the 20 industrial sectors were down, contributing the monthly decline. StatCan also said that preliminary information indicates a further slump of -11% decline in real GDP in April.

IPPI dropped -2.3% mom in April versus expectation of -2.0% mom. RMPI dropped -13.4% mom versus expectation of -23.9% mom.